NEW NEWS FROM BCMD. This should be good for BCMD shares tomorrow.
Wednesday October 29 5:18 PM EST
Company Press Release
The Union Newspaper To Print Retraction
GRASS VALLEY, Calif.--(BUSINESS WIRE)--Oct. 29, 1997--Brush Creek Mining and Development Co. Inc. (NASDAQ:BCMD - news) today announced that The Union, a Grass Valley-based newspaper, will print an article on Oct. 30, 1997, retracting certain statements and clarifying others it made in an article which appeared in the newspaper on Oct. 27, 1997.
The Union stated that Brush Creek had $28 million in debt. In fact, the company's long-term debt is $362,000. In a letter received by Brush Creek from The Union, the reporter responsible for the story stated, '' ... I, however, am solely responsible for the misstatement mentioned above, and I extend my deepest apologies for the mistake.''
James S. Chapin, CEO and chairman of the board, stated, ''Because the market price of Brush Creek shares was adversely affected by the misstatements, we felt it necessary to issue a correction.''
He added, ''Our mining at the Lower Brush Creek continues to produce profitable ore as we make our way to pillar No. 4. Further, we continue to work diligently to arrange and conclude a joint-venture agreement with a partner, structured in a way that we believe would enhance shareholder value.''
I think this is really good, because I'm sure a few million people thought that BCMD had huge debt.
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